ADDENDUM NO 13 to MASTER MANAGEMENT AGREEMENT dated February 7th, 2008 between Euroseas Ltd and Eurobulk Ltd
Exhibit 4.37
ADDENDUM NO 13
to
MASTER MANAGEMENT AGREEMENT dated February 7th, 2008 between Euroseas Ltd and Eurobulk Ltd
This Addendum is made as of 1st February 2023 between Euroseas Ltd. (the “Company”), in its own capacity and as agent for each of its vessel owning subsidiaries identified in Schedule A hereto together with any additional subsidiaries that may acquire vessels in the future (the “Subsidiaries”) and Eurobulk Ltd. (the “Manager”).
1. REMUNERATION
Fees payable to Eurobulk were adjusted based on reported inflation for Greece (Dec 21 - Dec 22). Daily management fees were rounded at Euro 775/day/vessel while the executive services fees were rounded at US$ 2,150,000 per annum. Both with effect of 1st January 2023.
2. APPOINTMENT
The Company decided that it is beneficial to its needs to have a dedicated investor relationships officer. In that respect the Manager assigns Xxx Xxxxxx Xxxxx to the role. Xxxxxx will report directly to the Company’s CFO.
3. TERMINATION
The Company decided that it was no longer necessary to utilize the services of the Manager in order to pursue the Business Combination as more specifically detailed in Addendum No12 of the MMA. To this effect the Company and the Manager have agreed that as of 30th November 2022 addendum no 12 of the MMA shall be terminated by mutual consent.
3. EXTENSION
Master Management Agreement was renewed for a five year term starting 1st January 2023. The term of the individual management agreements will coincide with the term at the MMA as set herein.
IN WITNESS WHEREOF, the parties have executed this Addendum to the Management Agreement as of the date first written above.
| Euroseas Ltd. | |
| By:____/s/ Xxxxxxxxx X. Xxxxxx____ | |
| Name: Xxxxxxxxx X. Xxxxxx | |
| Title: Chairman of the Board, President, CEO | |
| Eurobulk Ltd. | |
| By:__/s/ Xxxxxxxx Xxxxxx____ | |
| Name: Xxxxxxxx Xxxxxx | |
| Title: Director |
Schedule A
to addendum no 12 to
Master Management Agreement dated February 7th, 2008
Antwerp Shipping Ltd, Xxxxxxxx Islands-m/v Synergy Antwerp
Busan Shipping Ltd, Xxxxxxxx Islands-m/v Synergy Busan
Oakland Shipping Ltd, Xxxxxxxx Islands-m/v Synergy Oakland
Keelung Shipping Ltd, Xxxxxxxx Islands-m/v Synergy Keelung
Gregos Shipping Limited, Xxxxxxxx Islands - m/v EM Astoria
Noumea Shipping Limited, Liberia – m/v Evridiki G
Xxxxxx Maritime Ltd, Liberia – m/v Xxxxxx
Xxxxxxxx Xxxx Shipping Ltd, Xxxxxxxx Islands – m/v Aegean Express
Corfu Navigation Ltd - m/v EM Corfu
Bridge Shipping Ltd – m/v Akinada Bridge
Xxxxxxxxx Shipowners Ltd, Liberia-m/v Xxxxxxxxx X
Xxx Shipowners Ltd, Liberia-m/v Xx Xxx
Spetses Shipowners Ltd, Liberia-m/v Em Spetses
Hydra Shipowners Ltd, Liberia-m/v Em Hydra
Xxxxxxxx Xxxxxxxxxxx Ltd, Liberia-m/v Xxxxxxxx X
Xxxxxx Maritime Ltd., Xxxxxxxx Islands- m/v Gregos (Xxxx No. 4201)
Terataki Shipping Ltd., Xxxxxxxx Islands – m/v Terataki (Hull No. 4202)
Marcos Shipping Ltd, Xxxxxxxx Islands – Xxxxxx X
Xxxxxxxx Shipping Ltd, Xxxxxxxx Islands – m/v Xxxxxxxx X
Xxxx Shipping Ltd, Xxxxxxxx Islands – m/v Xxxx P
Tender Soul Shipping Ltd, Xxxxxxxx Islands – m/v Tender Soul (Hull No. 4236)
Leonidas Shipping Ltd, Marshal Islands – m/v Xxxxxxxx X (Hull No. 4237)
Xxxxxx Xxxxxxxxxx Ltd, Liberia – m/v Xxxxxx (Xxxx No. 4248)
Xxxxxxxxx Shipping Ltd, Liberia – m/v Xxxxxxxxx X (Xxxx No. 4249)
Pepi Shipping Ltd, Liberia – m/v Pepi Star (Hull No. 4250)
Dear Panel Shipping Ltd, Liberia – m/v Dear Panel (Hull No. 4251)
Symeon Shipping Ltd, Liberia – m/v Xxxxxx X (Hull No. 4252)
